01:52 PM EDT, 07/18/2025 (MT Newswires) -- Invesco ( IVZ ) shares rose more than 14% in recent Friday trading after the company's unit filed a statement with the US Securities and Exchange Commission to reclassify its tech exchange-traded fund QQQ Trust Series 1 as an open-ended fund from a unit investment trust.

Invesco ( IVZ ) said in the filing that this shift will alter the expense structure of QQQ, benefiting the company through revenue and potential profits.

In its current setup, the nearly $711 million annual fee revenue from the fund's $355 billion in assets, based on data compiled by Bloomberg, is split between the fund's trustee The Bank of New York Mellon ( BK ) and index data provider Nasdaq (NDAQ), with the rest being spent on marketing QQQ and Invesco ( IVZ ) receiving no share, according to the news outlet.

If Invesco's ( IVZ ) proposal is approved, it would replace The Bank of New York Mellon ( BK ) with a board of individual trustees and appoint Invesco's ( IVZ ) unit as the investment adviser to QQQ, the company said.

Additionally, Invesco ( IVZ ) will also lower QQQ's expense ratio by two basis points to 0.18% if the proposal is approved, the company said.

Price: 19.74, Change: +2.46, Percent Change: +14.24